Insurance specialist, landlordsure.co.uk which is a division of JSW Insurance, has been warning letting agents about carrying out routine maintenance on properties. It seems that many letting agents will carry out minor repairs on properties they are responsible for but often do not consider the insurance implications. The agents could find themselves personally liable for any damage which might occur. They recommend checking insurance policies for liability cover for maintenance.
The RAC have found that the poorest households in the country are being disproportionally hit by increasing motoring costs. They discovered that 17% of the income of the poorest households is going towards their cars. It has previously been thought that those in the lowest income brackets simply didn’t drive and so were not adversely affected by increases in fuel duty and so on. But the RAC has found that 49% of low income households now own a car. They say that if taxes increase further some could be forced off the roads, putting them at risk of losing jobs or not paying for insurance to cut costs.
Alan Shamrock, a binman for the Hertfordshire County Council has received a compensation payout of £57,000 after he injured his shoulder. Mr Shamrock tripped over an uneven paving slab while collecting recycling bins. He had 15 months off work and had to undergo operations to repair his arm. He has since been forced to take on a lower paid job as a road sweeper.
Endsleigh Insurance have been talking to students and have found that 25% expect to be in debt for 20 years due to the cost of their degrees. 38% expect their debt to take 10 years to pay off. More than half of the students surveyed said they were expecting to be in debt to the tune of £15,000 to £20,000. They may be relying on the fact that those with a degree earn on average £160,000 more over a life time than non-graduates. Endsleigh suggests that budgeting carefully while studying can reduce the amount of debt incurred … really? We wouldn’t have guessed.
There have been reports today which suggest that Barclays may be considering buying the banking operations of insurer Standard Life. The estimated cost would be between £200m and £300m. Standard life has been under pressure from its shareholders to sell the banking division which has a portfolio of £14.3bn in savings and mortgages.
We have further news on the Fat Duck story we reported on last week. The Colshester Oyster Fishery based in Essex, who were the supplier of the contaminated oysters, have said they cannot accept the full blame for the outbreak of the norovirus which affected more than 500 people. However there have been three other outbreaks which have been attributed to the fishery. They say that they think the problem could have been caused by the nearby sewage works. Anglian Water say they have found no links and they always adhere to strict procedures. Meanwhile Axa who cover the Fat Duck say they will be pursuing the fishery for damages – that’s going to be some compensation pay out!